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Vancity charts path towards growth with impact

Credit union proposes innovative ways to meet diverse member needs

July 17, 2017, Coast Salish Territory/Vancouver, B.C. – Vancity today released its latest business plan, outlining new ways the credit union will meet the needs of its members, including a new digital offering, a national community investment bank dedicated exclusively to the triple bottom line, and a suite of innovative new products for small businesses and solopreneurs.

The plan builds on goals set in 2016 for Vancity to grow towards 600,000 members and $40 billion in assets, and is designed to allow the credit union to accelerate the impact it has in the communities where its members live and work.

As part of the plan, Vancity announced the development of a new digital platform that will translate the credit union’s values-based business model into the digital space. The planned digital offerings will be built to deliver financial services while also supporting a wide range of connections, including member to member, business member to retail member, member to community, and community to Vancity.

In addition, the business plan identifies other ways that Vancity will look to meet the needs of its members, including:

Identifying new impact investing opportunities;

investing and working with partners to build inclusive, sustainable communities across Canada through Vancity Community Investment Bank; and

changing how the credit union works with businesses in the community.

For example, when it comes to businesses, Vancity will focus on meeting the needs of small business owners and solopreneurs who are feeling the effects of affordability issues in the Lower Mainland and Southern Vancouver Island. This will include more personalized experience that goes beyond lending and basic services for business members, as well as options such as pooled health benefits and insurance offerings for solopreneurs.

This is the fourth year that Vancity has released its business plan publicly to ensure its members can see how the credit union is putting their assets to work building healthy, sustainable communities.

Quote

“The needs of our members are as diverse as the members themselves. This plan ensures we meet those needs in a variety of ways while staying true to our core vision of building healthy, sustainable communities.” Tamara Vrooman, President and CEO of Vancity

Additional information

About Vancity

Vancity is a values-based financial co-operative serving the needs of its more than 523,000 member-owners and their communities in the Coast Salish and Kwakwaka’wakw territories, with 59 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay. With $25.6 billion in assets and assets under administration, Vancity is Canada’s largest community credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.